There are four ice cream shops on a small tourist island. The accompanying table shows the quantity of ice cream cones that each firm produces in a typical year and the price that each firm currently charges for each ice cream cone it sells. An economist might suspect __________ collusion occurring in this market where __________ is the price leader and all other firms set price to match the price leader.

Question 2

The practice of setting prices deliberately below __________ costs in an effort to drive a competitor out of the market is known as predatory pricing.

Question 3

Firm A prices its products so low that it drives competitors out of the market. After all of its competitors have been driven out of the market, Firm A raises prices significantly. Which statement best explains how regulation applies to this situation?

Question 4

Like a pure monopoly, an oligopoly is characterized by:

Question 5

A monopolistically competitive market consists of many sellers, an oligopoly consists of __________ seller(s), and a monopoly consists of __________ seller(s).

Question 6

The practice of setting prices deliberately below average variable costs in order to put a rival out of business is known as:

Question 7

KitNSit, Inc. and Kittysitters, Inc. are two catsitting services in Kent, Ohio. There are no other catsitting services so the market is considered to be a duopoly. According to the kinked demand prices, Kittysitters, Inc. will __________.

Question 8

According to Section 2 of the Sherman Antitrust Act, a person who attempts to monopolize commerce among the several states is guilty of a(n):

Question 9

According to the kinked demand curve theory, the behavior of firms in an oligopoly creates a demand curve that is __________ at prices above the cartel price and __________ at prices below the cartel price.

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